The three-tranche notes are secured by and will finance delivery of five Boeing 777-300ER. Deliveries will occur from this June through February 2014.

"Our EETC offering was very well received by the institutional investors to whom it was directed," says Calin Rovinescu, president and chief executive of Air Canada, in a statement. "Our participation in this market is an important development for us as it represents new opportunities for future aircraft financings at internationally competitive levels."

The 2013-1 issue is split between a $424.4 million senior A tranche with a coupon of 4.125% and a final distribution of May 2025, $181.9 million subordinate B tranche with a 5.375% coupon and a May 2021 distribution, and $108.3 million C tranche with a 6.625% coupon with a bullet May 2018 maturity.

The A tranche is rated A, Baa3 and A- by Fitch Ratings, Moody's and Standard & Poor's, respectively, the B BB+, B1 and BB, and the C BB-, B3 and B.